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House of Commons

Session 2005 - 06 Internet Publications Other Bills before Parliament

Consumer Credit Bill

Consumer Credit Bill
EXPLANATORY NOTES
Explanatory notes to the Bill, prepared by the Department of Trade and Industry, are
published separately as Bill­­­ 2—EN.
EUROPEAN CONVENTION ON HUMAN RIGHTS
Secretary Alan Johnson has made the following statement under section 19(1)(a) of
the Human Rights Act 1998:
In my view the provisions of the Consumer Credit Bill are compatible with the
Convention rights.
Bill 2 54/1
Consumer Credit Bill
Bill 2                                                                                                   54/1
Consumer Credit Bill
Contents
Agreements regulated under the 1974 Act etc.
1    Definition of “individual”
2    Removal of financial limits etc.
3    Exemption relating to high net worth debtors and hirers
4    Exemption relating to businesses
5    Consequential amendments relating to ss. 1 to 4
Statements to be provided in relation to regulated credit agreements
6    Statements to be provided in relation to fixed-sum credit agreements
7    Further provision relating to statements
Default under regulated agreements
8    OFT to prepare information sheets on arrears and default
9    Notice of sums in arrears under fixed-sum credit agreements etc.
10    Notice of sums in arrears under running-account credit agreements
11    Failure to give notice of sums in arrears
12    Notice of default sums
13    Interest on default sums
14    Default notices
15    Enforceability of regulated agreements
16    Time orders
17    Interest payable on judgment debts etc.
18    Definition of “default sum”
Unfair relationships
19    Unfair relationships between creditors and debtors
20    Powers of court in relation to unfair relationships
21    Interpretation of ss. 140A and 140B of the 1974 Act
22    Further provision relating to unfair relationships
Businesses requiring a licence and consequences of not being licensed
23    Definitions of “consumer credit business” and “consumer hire business”
24    Debt administration etc.
25    Credit information services
Bill 2 54/1
Consumer Credit Bill iv
26    Enforcement of agreements by unlicensed trader etc.
Applications for licences and fitness to hold a licence etc.
27    Charge on applicants for licences etc.
28    Applications for standard licences
29    Issue of standard licences
30    Guidance on fitness test
31    Variation of standard licences etc.
32    Winding-up of standard licensee’s business
33    Consequential amendments relating to ss. 27 to 32
Duration of licences and charges
34    Definite and indefinite licences
35    Charges for indefinite licences
36    Extension of period to pay charge for indefinite licence
37    Failure to pay charge for indefinite licence
Further powers of OFT to regulate conduct of licensees etc.
38    Power of OFT to impose requirements on licensees
39    Power of OFT to impose requirements on supervisory bodies
40    Supplementary provision relating to requirements
41    Procedure in relation to requirements
42    Guidance on requirements
43    Consequential amendments relating to requirements
Powers and duties in relation to information
44    Provision of information etc. by applicants
45    Duties to notify changes in information etc.
46    Power of OFT to require information generally
47    Power of OFT to require access to premises
48    Entry to premises under warrant
49    Failure to comply with information requirement
50    Officers of enforcement authorities other than OFT
51    Consequential amendments relating to information
Civil penalties
52    Power of OFT to impose civil penalties
53    Further provision relating to civil penalties
54    Statement of policy in relation to civil penalties
Appeals
55    The Consumer Credit Appeals Tribunal
56    Appeals to the Consumer Credit Appeals Tribunal
57    Appeals from the Consumer Credit Appeals Tribunal
58    Consequential amendments relating to appeals
Consumer Credit Bill v
Ombudsman scheme
59    Financial services ombudsman scheme to apply to consumer credit licensees
60    Funding of ombudsman scheme
61    Consequential amendments relating to ombudsman scheme
Miscellaneous
62    Monitoring of businesses by OFT
63    Disapplication of s.101 of the 1974 Act
64    Determinations etc. by OFT
65    Sums received by OFT
Final provisions
66    Financial provision
67    Interpretation
68    Consequential amendments
69    Transitional provision and savings
70    Repeals
71    Short title, commencement and extent
Schedule 1   —    Schedule A1 to the 1974 Act
Schedule 2   —    Part 3A of Schedule 17 to the 2000 Act
Schedule 3   —    Transitional Provision and Savings
Schedule 4   —    Repeals

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